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Business, 18.08.2019 01:10 dwavy29

On may 1, year 3, the board of directors of boxer industries declared a property dividend of 4,500 shares of king corporation common stock that boxer had purchased as an investment (book value: $58,500). the market value of the 4,500 king shares was $121,500 (or $27 per share) on the date of declaration and $180,000 (or $40 per share) on the date of distribution. what amount will be debited to retained earnings in the journal entry recorded on the declaration date?

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